ForgeRock (NYSE:FORG) Releases FY 2022 Earnings Guidance

ForgeRock (NYSE:FORGGet Rating) updated its FY 2022 earnings guidance on Wednesday. The company provided EPS guidance of -$0.45–$0.41 for the period, compared to the consensus EPS estimate of -$0.36. The company issued revenue guidance of $212.00 million-$215.00 million, compared to the consensus revenue estimate of $213.92 million.ForgeRock also updated its Q2 2022 guidance to -$0.23–$0.21 EPS.

Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft cut their price target on ForgeRock from $16.00 to $15.00 in a research note on Thursday. Truist Financial cut their target price on ForgeRock from $30.00 to $25.00 in a research note on Tuesday. Mizuho lowered their price target on ForgeRock from $32.00 to $24.00 in a report on Thursday. Cowen decreased their price objective on ForgeRock from $45.00 to $38.00 in a report on Wednesday, March 2nd. Finally, Morgan Stanley decreased their price objective on ForgeRock from $27.00 to $22.00 and set an equal weight rating for the company in a report on Wednesday, March 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Buy and an average price target of $26.56.

Shares of FORG traded up $1.20 during trading hours on Friday, reaching $17.72. The stock had a trading volume of 9,398 shares, compared to its average volume of 325,644. The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.12. ForgeRock has a 12 month low of $11.94 and a 12 month high of $48.88. The company’s 50-day moving average is $19.84 and its two-hundred day moving average is $21.20.

ForgeRock (NYSE:FORGGet Rating) last issued its quarterly earnings results on Wednesday, May 11th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. As a group, sell-side analysts anticipate that ForgeRock will post -0.37 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in FORG. Morgan Stanley purchased a new position in ForgeRock in the third quarter worth $34,000. Cubist Systematic Strategies LLC purchased a new position in shares of ForgeRock during the 3rd quarter valued at $90,000. Bank of America Corp DE lifted its position in shares of ForgeRock by 980.2% during the 4th quarter. Bank of America Corp DE now owns 6,481 shares of the company’s stock valued at $173,000 after buying an additional 5,881 shares during the last quarter. Parametric Portfolio Associates LLC lifted its position in shares of ForgeRock by 69.9% during the 4th quarter. Parametric Portfolio Associates LLC now owns 17,573 shares of the company’s stock valued at $469,000 after buying an additional 7,231 shares during the last quarter. Finally, State Street Corp purchased a new position in shares of ForgeRock during the 4th quarter valued at $211,000. Institutional investors and hedge funds own 45.15% of the company’s stock.

ForgeRock Company Profile (Get Rating)

ForgeRock, Inc, together with its subsidiaries, operates a digital identity platform to secure, manage, and govern the identities of customers, employees, partners, application programing interfaces (APIs), microservices, devices, and the Internet of things worldwide. It offers identity management products to automate onboarding/registration and progressive profiling, identity lifecycle and relationship management, identity provisioning and synchronization, user self-service, personalization, delegation, and privacy and consent management.

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